华宝新能致力于为全球家庭提供绿色低碳、智能易用、安全可靠的全场景家庭绿电解决方案，主要从事 锂电池储能类产品及其光伏产品的研发、生产、品牌、销售及服务。今年上半年，公司深化消费级全场 景光伏储能解决方案品牌战略，以产品创新迭代为核心驱动力，推动核心市场市占率大幅提升与新兴市 场实现突破。2025年上半年，北美市场营收同比增长42.86%，亚洲市场（不含中国）营收同比增长 31.92%，欧洲市场营收同比增长106.42%。 开源证券研报认为，华宝新能形成户储高端系列、家庭备电系列以及便携系列三大产品矩阵满足不同场 景需求。新品具备差异化优势，看好便携储能份额提升以及移动家储产品快速增长。 （文章来源：证券日报） 为强化全球市场渗透，华宝新能持续构建"官网独立站+第三方电商平台+线下零售"三位一体的全球渠 道网络，业务已覆盖50多个国家和地区。其中，上半年品牌官网独立站营收同比增长55.25%，增速领 先，占总营收比例达29.41%；同时与Costco、Lowe's、HomeDepot、BestBuy等全球知名零售渠道达成 深度合作，产品入驻超10000家店铺，上半年线下零售渠道营收同比增长45.85%，进一步提 ...

Core Viewpoint - The company, Huabao New Energy, has demonstrated significant growth in revenue and profit, driven by strategic advancements in the portable energy storage sector, positioning itself competitively in the market [1][2]. Financial Performance - In 2024, the company achieved revenue of 3.606 billion yuan, a year-on-year increase of 55.82%, and a net profit attributable to shareholders of 240 million yuan, with a non-recurring net profit of 160 million yuan, both showing a turnaround from losses [1]. - For the first quarter of 2025, the company reported revenue of 714 million yuan, a year-on-year growth of 22.60%, and a net profit attributable to shareholders of 85.073 million yuan, reflecting a 193.36% increase, with a non-recurring net profit of 65.8237 million yuan, up 395.17% [1]. Business Strategy - The company has enhanced its revenue and profit growth through a focus on global M2C direct sales and cost control strategies, establishing a complete digital chain from R&D to sales [2]. - Huabao New Energy has built a flexible smart factory that reduces order response time by 40% and improves inventory turnover by 35%, maintaining a gross margin of over 30% despite fluctuations in raw material prices [2]. Global Expansion - The company has developed a three-pronged global channel network consisting of independent websites, third-party e-commerce platforms, and offline retail, with 23 independent sites established globally, covering over 50 countries and regions [2]. - In the first quarter of 2025, revenue from the brand's independent website increased by 42.10% year-on-year [2]. Retail Partnerships - Strategic partnerships have been formed with major global retailers such as Costco, Walmart, and Home Depot, with products now available in over 10,000 retail locations, leading to a 30.49% year-on-year increase in offline retail channel revenue in the first quarter of 2025 [3]. R&D and Innovation - The company has increased R&D expenditure by 14.31% in 2024, with a total of 1,720 patents filed, including 928 domestic and international patents [3]. - Huabao New Energy has received numerous international design awards, showcasing its commitment to technology and design innovation [3]. Product Development - In the first quarter of 2025, the company launched the new generation of outdoor power supply, the 3000Pro2 flagship series, achieving a breakthrough in "3 degrees of electricity capacity, 2 degrees of electricity volume" [4]. - The company has outlined a product transition map covering entry-level solar storage, core household backup, and high-end curved solar tile systems, promoting its mission of making green energy ubiquitous [4].

Core Viewpoint - The company has achieved significant growth in revenue and net profit for 2024, driven by its global M2C direct sales brand strategy and cost control measures, with revenue reaching 3.606 billion yuan, a year-on-year increase of 55.82%, and net profit of 240 million yuan, a year-on-year increase of 237.89% [1][2]. Group 1: Financial Performance - The company's gross profit margin for the reporting period was 44.05%, an increase of 5.07 percentage points year-on-year [1]. - The company reported a net profit attributable to shareholders of 239.54 million yuan for 2024, with a total distributable profit of 480.40 million yuan [8][9]. Group 2: Global Market Expansion - The North American market saw a revenue increase of 60.75%, while the Asian market (excluding China) experienced a 100.24% revenue growth [2]. - The company has established a comprehensive multi-channel system, including independent websites, third-party e-commerce platforms, and offline retail, operating 23 independent websites in over 50 countries [2]. Group 3: Cost Control and Efficiency - The company implemented a cost reduction strategy, resulting in a decrease in sales expense ratio by 7.02 percentage points and management expense ratio by 4.48 percentage points [3]. - Research and development expenses for 2024 amounted to 173 million yuan, a year-on-year increase of 14.31%, with a total of 1,629 patents held [3][4]. Group 4: Product Innovation - The company has defined a new category of solar generators, achieving nearly 140% revenue growth in this category, which now accounts for over 50% of total revenue [4]. - Innovative products include the Jackery Solar Generator 5000 Plus and various solar technology advancements, enhancing product performance and application scenarios [4]. Group 5: Shareholder Returns - The company plans to distribute cash dividends of 11.50 yuan per 10 shares, totaling approximately 142.55 million yuan, and to increase capital by 4 shares for every 10 shares held, resulting in an increase of approximately 49.58 million shares [6][9]. Group 6: Fund Management - The company raised 5.83 billion yuan through its IPO, with net proceeds of approximately 5.59 billion yuan after deducting fees [18]. - As of the end of 2024, the company had 16 dedicated fundraising accounts, with a significant portion of funds allocated for cash management and project investments [19][20].